Where application under section 95 of Insolvency Bankruptcy Code (IBC), 2016 was filed, the same was permitted to be filed by a creditor in his individual capacity or jointly with other creditors or through a Professional (RP).
Assessee was a dealer in Iron and Steel, had filed its returns and paid the necessary taxes for the 2019-20 period. However, discrepancies were found, including the claim of ITC from a supplier whose taxes had not been filed.
ITAT Mumbai held that assessee has submitted all the necessary details in terms of purchase bills, transportation bills, confirmed copy of accounts and payment are made through cheques, hence disallowance of such purchases is not justified.
Understand e-invoicing under GST: turnover criteria, exceptions, applicable transactions, document types, and supply nature. Ensure compliance with GST regulations.
Kerala High Court held that time limit for furnishing GST return under section 39 for the month of September is to be treated as 30th November in each financial year with effect from 01.07.2017. ITC to be claimed accordingly.
ITAT Chennai Held that the construction of a new residential house to its existing residence with separate stair-case, kitchen, new electrical connection, water connection, etc. qualifies for deduction u/s.54F of the Act. Accordingly, deduction u/s. 54F granted.
The CESTAT Ahmedabad remands the claim of Rs. 1,57,818/- to the adjudicating authority for fresh consideration based on new evidence.
ITAT Delhi limits addition of unexplained cash deposits to ₹10 lakhs in Gaurangi Merchandise Pvt. Ltd. Vs ITO case, providing relief of ₹20.18 lakhs.
The NFAC’s order upheld disallowance of exemption under Section 11 of Income Tax Act and was based on assessee’s delayed filing of audit report in Form 10B. ITAT referred to the precedent set by the Gujarat High Court in ACIT v. Xavier Kelvani Mandal Pvt. Ltd., which held that a belated audit report could be accepted during appellate proceedings.
ITAT Delhi remits case on Section 69A unexplained money addition of ₹11.45 lakh to CIT(A)/NFAC for re-examination. Directions issued for fresh adjudication.
